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The global analytical standards market generated a revenue of US$ 1,620.4 million in 2022 and is estimated to record a revenue of US$ 2,837.1 million by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2031.
The increasing demand for analytical testing services and the growing adoption of analytical standards in the pharmaceutical and biotechnology industries are the primary factors driving the growth of the analytical standards market. Additionally, the increasing focus on food safety testing and the growing awareness regarding the importance of quality control in the food and beverage industry are further contributing to market growth.
Furthermore, the rising concerns regarding environmental pollution and the need for accurate environmental testing are also fueling the demand for analytical standards. Additionally, the increasing number of clinical trials and the growing focus on precision medicine are driving the demand for analytical standards in the clinical research industry.
Regionally, North America dominated the analytical standards market in 2020, accounting for the largest revenue share due to the presence of established pharmaceutical and biotechnology companies and the increasing demand for analytical testing services. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period due to the growing pharmaceutical and biotechnology industries and increasing government support for research and development activities.
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Increasing demand for analytical standards in pharmaceutical and biotechnology industries
The pharmaceutical and biotechnology industries are two of the primary consumers of analytical standards market due to the rigorous quality control measures they must adhere to. The use of analytical standards is essential in drug development and manufacturing, as they provide a reliable reference point for the identification, quantification, and purity of active pharmaceutical ingredients (APIs) and other chemical compounds. The use of analytical standards also ensures that the end product meets the standards set forth by regulatory agencies such as the FDA and EMA, which is critical for product approval and commercialization. Furthermore, the increasing focus on personalized medicine has created a greater need for analytical standards to support the development and validation of diagnostic tests, which in turn drives demand for analytical standards.
Technological advancements in analytical instruments
The advancements in analytical instruments, such as mass spectrometry and chromatography, have significantly improved the sensitivity, speed, and accuracy of laboratory analyses. These advances have led to the development of new techniques and applications that require higher-quality analytical standards to validate and calibrate instruments. For example, the use of liquid chromatography-tandem mass spectrometry (LC-MS/MS) in drug discovery and clinical research has become increasingly prevalent due to its superior sensitivity and selectivity. However, this also requires more complex and higher-quality analytical standards to ensure accurate and reliable results. The emergence of new applications such as metabolomics and proteomics has also created a demand for a broader range of analytical standards to support these evolving fields.
Limited Availability of Certified Reference Materials
One of the primary restraints of the analytical standards market is the limited availability of certified reference materials (CRMs). CRMs are analytical standards that have been certified for their accuracy and traceability by a recognized authority, such as the National Institute of Standards and Technology (NIST). The use of CRMs is critical in laboratory analyses to ensure the accuracy and reliability of test results. However, the production of CRMs is complex, time-consuming, and expensive, which limits their availability in the market. Additionally, the certification process for CRMs is rigorous and requires significant investment in testing and quality control, which further restricts their availability. The limited availability of CRMs can impact the growth of the analytical standards market, as laboratories and institutions may struggle to obtain the materials, they need to perform accurate analyses. Efforts are underway to increase the availability of CRMs and develop new technologies to produce these materials more efficiently, which could alleviate this restraint in the future.
By category, the global analytical standards market is bifurcated into organic and inorganic. The organic segment of the market has been dominating the market and is expected to continue to do so in the coming years. This can be attributed to the growing demand for organic standards in several industries, including pharmaceuticals, environmental testing, and food and beverage. The pharmaceutical industry is a major consumer of organic analytical standards, as they are used for the development and manufacturing of drugs and biologics. The increasing demand for personalized medicine and the need for accurate and precise analytical testing methods has further fueled the demand for organic standards.
The chromatography category is one of the primary segments of the analytical standards market and is widely used in various industries such as pharmaceuticals, biotechnology, food and beverage, and environmental testing. In 2022, the chromatography category accounted for the largest market revenue share and had over 44.7% of the global analytical standard revenue share in the same year.
The dominance of the chromatography category can be attributed to several factors, with its high usage in the pharmaceutical industry being one of the primary reasons. Chromatography is widely used in the pharmaceutical industry to meet ideal drug and cosmetic standards. The method is used to separate and identify various components of a sample, such as active pharmaceutical ingredients (APIs), impurities, and degradation products. The use of analytical standards in chromatography is critical to ensure the accuracy and precision of these analyses.
The material testing category is one of the primary segments of the analytical standards market and is widely used in various industries such as pharmaceuticals, food, and others. In 2022, the material testing category had a major share in the global market and accounted for nearly 46.0% market revenue share in the same year.
The dominance of the material testing category can be attributed to several factors, with the rising demand for material testing in numerous industries being one of the primary reasons. Material testing is critical in various industries to ensure the quality and safety of products. In the pharmaceutical industry, material testing is used to evaluate the purity, identity, and strength of active pharmaceutical ingredients (APIs) and excipients. It is also used to assess the quality of packaging materials and to evaluate the stability of drugs under various conditions.
The environmental category is a crucial segment of the analytical standards market, primarily used for environmental testing applications. In 2022, it held the highest market revenue share of approximately 37.9%.
Several factors contribute to the environmental category's dominance, with rising emissions of pollutants and the importance of a clean environment being key reasons. The focus on environmental protection and sustainability has increased the demand for analytical standards in environmental testing. To analyze air, water, and soil samples for pollutants such as pesticides, herbicides, and heavy metals, analytical standards are extensively used.
The regulatory pressure to comply with environmental standards further boosts the demand for analytical standards in the environmental category. Environmental protection agencies across the globe have set strict standards for environmental quality, which necessitates accurate and reliable testing methods.
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The analytical standards market in North America has witnessed significant growth in recent years, primarily due to the increasing demand for analytical standards from the pharmaceutical and biotechnology industries, as well as the technological advancements in analytical instruments. In 2022, North America generated a revenue of US$ 628.7 million, making it the largest regional market in the world.
The dominance of the North America can be attributed to several factors. Firstly, the region has a well-established pharmaceutical and biotechnology industry, which has been a significant consumer of analytical standards for quality control and research and development. The presence of major players such as Pfizer, Merck, and Johnson & Johnson has further driven the demand for analytical standards in the region. Secondly, the United States is home to several leading manufacturers of analytical instruments, such as Agilent Technologies, Thermo Fisher Scientific, and Waters Corporation, which has supported the growth of the analytical standards market in the region.
Furthermore, the increasing focus on personalized medicine, the rise in the number of clinical trials, and the growing investments in healthcare infrastructure are expected to further drive the demand for analytical standards in North America. The adoption of innovative technologies such as gene therapy, cell therapy, and immunotherapy is also expected to create a need for new and more complex analytical standards, which would further boost market growth.
Based on these factors, the North America analytical standards market is projected to continue leading the global market in the coming years. The increasing focus on quality control and adherence to regulatory standards, coupled with the technological advancements in analytical instruments and growing demand for personalized medicine, are expected to drive the market's growth in the region.
List of Key Companies Profiled:
Segmentation Outlook of the Global Analytical Standards Market
|Market Size Value in 2022||US$ 1,620.4 Mn|
|Expected Revenue in 2031||US$ 2,837.1 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Category, By Method, By Application, By Region|
|Key Companies||Merck KGaA, Chiron AS, LGC Standards, Waters Corporation, Agilent Technologies, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Restek Corporation, SPEX Certi Prep, Accu Standard, Inc., Mallinckrodt, US Pharmacopeial Convention, Cayman Chemical Company, RICCA Chemical Company, GFS Chemicals, Inc., Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
An analytical standard is a compound of high purity and known concentration to be used as a calibration standard for a given assay.
Analytical standards market is growing at a CAGR of 6.1% over the forecast period 2023-2031.
The environment segment is estimated to account for the largest share in the analytical standard market due to growing emission of pollutants along with increased regulatory mandates related to environment.
The global analytical standards market is predicted to grow owing to the growth of the pharmaceutical and biotechnology industries globally, rising demand for packaged and processed foods, and regulatory emphasis on effective pollution monitoring and management increases.
The growth of the global analytical standards market may be restricted by a lack of public awareness about effective pollution monitoring tactics, as well as the high cost of custom analytical standards.
Asia Pacific is growing at the highest CAGR of about 7.1% during 2023- 2031.
The global analytical standard market is highly fragmented due to presence of global, regional, country level, as well as local players.
The report covers the following segments: category, technique, method, application and region.
Due to the use of chromatography analytical standards in the environments sector to identify the presence of harmful components in solid waste, flame retardants, and pesticides, the chromatography accounted for 44.5% of the worldwide analytical standards market in 2022.
Some key players operating in the analytical standards market are Merck KGaA, Waters Corporation, Agilent Technologies, PerkinElmer Inc., and LGC Standards.
The key strategies adopted by the market players include mergers and acquisitions, partnerships, regional expansion, and new product development.
The coronavirus outbreak has brought all production activity to a halt in key manufacturing countries such as the United States, China, Germany, the United Kingdom, India, and France, among others. This has had a significant impact on manufacturer sales and profitability, as well as a drop in overall industrial growth in key areas such as medicines, forensics, environment, and others.
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